goeasy Ltd. Reports Results for the Fourth Quarter and Full Year 2025

Apr 01 2026 01:16 BST

Loan Portfolio of $5.51 billion at year-end, up 20% from $4.60 billion at prior year-end
Revenue of $406 million in Q4/25, flat compared to $407 million in Q4/24
Net Charge Off Rate¹ of 23.8% in Q4/25, up 1,460 bps from 9.2% in Q4/24
Diluted Loss Per Share of $20.49 in Q4/25, down from EPS of $3.12 in Q4/24
Adjusted Diluted Loss Per Share¹ of $8.93 in Q4/25, down from Adj. Dil. EPS¹ of $3.32 in Q4/24

MISSISSAUGA, ON , March 31, 2026 /CNW/ - goeasy Ltd. (TSX: GSY), ("goeasy" or the "Company"), one of Canada's leading consumer lenders focused on delivering a full suite of financial services to Canadians with non-prime credit scores, today reported results for the fourth quarter and full year ended December 31, 2025.

Significant Developments in the Fourth Quarter

Late-stage Loan Charge Offs at LendCare. In the fourth quarter of 2025, the Company recognized $177.9 million in incremental loan charge offs relating to the LendCare portfolio, which reflected the Company's assessment that all available efforts to drive substantive recoveries on certain late-stage delinquent loan receivables had been exhausted. Total net charge offs for the fourth quarter of 2025, as an annualized percentage of average gross consumer loans receivable, were 23.8%, up from 9.2% in the same period of 2024.
Higher allowance for credit losses on gross consumer loans receivable. The net change in allowance for credit losses in the fourth quarter of 2025 was $71.9 million, compared to $41.4 million in the same period of 2024, an increase of $30.5 million. This increase was primarily driven by the adjustment in the rate of allowance for expected credit losses, which increased from 7.81% as at December 31, 2024 to 9.57% as at December 31, 2025, reflecting the Company's expectation of higher credit losses.
Goodwill impairment. The Company recorded a $159.6 million goodwill impairment charge related to its LendCare business.
Correction of prior period financial statements. Subsequent to year‑end, the Company identified errors in certain financial information for prior periods, including previously announced errors related to the accounting treatment of certain customer payments in transit at period‑end dates in 2024 and 2025, which has caused the Company to restate its financial information as at and for those prior periods. All 2024 financial information included in this press release reflects such restatement. For more information, see the MD&A sections entitled "Restatement of Prior Period Financial Information" and "Restatement Impact on Interim Financial Information" and Note 2 to the consolidated financial statements. All 2024 financial information included in the Company's 2025 consolidated financial statements supersedes the corresponding information previously included in the Company's 2024 consolidated financial statements. Such superseded information should no longer be relied upon. All financial information for the periods ending March 31, June 30 and September 30, 2024 and 2025 included in the MD&A section entitled "Restatement Impact on Interim Financial Information" supersedes the corresponding information previously included in the Company's previously filed financial statements for such interim periods. Such superseded information should no longer be relied upon.

"Our belief in goeasy's long-term opportunity is unchanged," said Patrick Ens, goeasy's Chief Executive Officer. "We are committed to taking decisive action, through a focused six-point plan, to deliver strong financial performance anchored in the strength of our direct-to-consumer business."

Fourth Quarter Results

During the quarter, the Company generated $951.5 million in loan originations, up 17% compared to $813.7 million generated in the fourth quarter of 2024. The increase in lending was driven by a robust volume of applications for credit.

Growth in the loan portfolio was $68.4 million for the period. At quarter end, the consumer loan portfolio was $5.51 billion, up 20% from $4.60 billion in the fourth quarter of 2024. Total annualized yield (including ancillary products) realized on average consumer loans receivable¹ was 26.6% in the quarter, down 600 bps from the same period in 2024. The decrease in yield, almost entirely offset by growth in consumer loans, led to flat revenue, which was $406.3 million, compared to $407.0 million in the fourth quarter of 2024.

During the quarter, the annualized net charge off rate was 23.8%, up approximately 1,460 bps from 9.2% in the fourth quarter of 2024, due to the $331.1 million of net charge offs in the quarter, inclusive of $177.9 million of incremental charge offs attributable to the LendCare business. The rate of allowance for expected credit losses increased from 7.81% as at December 31, 2024 to 9.57% as at December 31, 2025, reflecting the Company's expectation of higher credit losses.

Operating loss for the fourth quarter of 2025 was $283.3 million, down from operating income of $138.3 million in the fourth quarter of 2024. After adjusting for unusual and non-recurring items, the Company reported an adjusted operating loss² of $120.1 million, a decrease from adjusted operating income² of $141.7 million in the fourth quarter of 2024. The efficiency ratio¹ for the fourth quarter of 2025 was 25.0%, a slight decrease from 24.8% in the fourth quarter of 2024.

Net loss for the fourth quarter of 2025 was $336.9 million, down from net income of $54.2 million in the same period of 2024, and diluted loss per share was $20.49, down from diluted earnings per share of $3.12 reported in the fourth quarter of 2024. Adjusted net loss² for the fourth quarter of 2025 was $146.9 million, down from adjusted net income² of $57.7 million in the fourth quarter of 2024. Adjusted diluted loss per share¹ was $8.93, down from adjusted diluted earnings per share of $3.32 in the fourth quarter of 2024.

Full-Year Results

For the full year 2025, the Company funded $3.48 billion in loan originations, up 10% from $3.17 billion in the same period of 2024. The gross consumer loans receivable portfolio increased to $5.51 billion, up 20% from $4.60 billion as of December 31, 2024.

For the full year 2025, the Company produced revenues of $1.70 billion, up 11% compared to $1.53 billion in 2024. Operating income for the year was $188.3 million, compared with $584.0 million in 2024. Adjusted operating income² for 2025 was $361.8 million, compared to $602.5 million in 2024. Efficiency ratio¹ for the year was 24.9%, an improvement of 70 bps from 25.6% in 2024.

Net loss for the year was $178.4 million, and diluted loss per share was $10.78, compared with earnings of $264.2 million or $15.21 per share in 2024. Adjusted net income² for 2025 was $50.1 million, and adjusted diluted earnings per share¹ was $3.03, compared with $271.3 million or $15.62 per share for 2024. Reported return on equity was negative 16.0% for 2025, while adjusted return on equity¹ was 4.5% for 2025, down from 23.9% in 2024.

Balance Sheet and Liquidity

Total assets were $5.76 billion as of December 31, 2025, an increase of 11% from $5.21 billion as of December 31, 2024, primarily driven by growth in consumer loans receivable. Cash provided by operations before net principal written² in the fourth quarter of 2025 was $537.9 million, compared to $584.9 million in the fourth quarter of 2024. For full year 2025, cash provided by operations before net principal written² was $2.06 billion compared to $1.93 billion for 2024. The Company's debt-to-adjusted tangible equity ratio³, a capital management measure for leverage, was 4.81x as of December 31, 2025. The average blended coupon interest rate for the Company's debt as at December 31, 2025 was 6.6%. The Company intends to repay the US$64.6 million senior unsecured notes maturing on May 1, 2026 from existing liquidity. Based on its $240 million of cash on hand and $927 million aggregate amounts drawn as of February 28, 2026, the Company has liquidity (cash on hand plus unused contractual borrowing capacity) of up to $983 million (of which $743 million is not expected to be available until July 1, 2026).

Recent Developments

Amended Financing Arrangements

On March 24, 2026, the Company announced that it had entered into definitive agreements (the "Definitive Agreements") with the lenders and other counterparties under its syndicated revolving credit facility, consumer securitization warehouse facility and secured borrowing facility (collectively, the "Facilities"). The Definitive Agreements provide that the Facilities may remain outstanding and that the revolving credit facility and consumer securitization warehouse facility will remain available to provide funding to the Company, waive compliance with certain financial covenants in respect of the fourth quarter of 2025, and give effect to certain other amendments (including amending the financial covenants to take into account certain charge‑offs, write‑downs and other items expected to adversely impact the Company's fourth quarter 2025 results). As a result of executing the Definitive Agreements, the Company was in compliance with all financial and other covenants under the Facilities as of December 31, 2025 and as of the date hereof.

As previously announced, key terms of the amendments include: (i) capacity under the syndicated revolving credit facility remains $550 million, provided that availability will be subject to a borrowing-base test, certain advance rates, and eligibility requirements that exclude loan receivables originated at LendCare, and may not exceed $440 million without lender consent, with the maturity of July 2027 unchanged, and pricing on advances was increased to Adjusted 1‑Month Term CORRA plus 325 bps; and (ii) the consumer securitization warehouse facility size was reduced from $1.4 billion to $1.12 billion, with revised eligibility criteria excluding loan receivables originated at LendCare, with the maturity of October 30, 2026 unchanged, and pricing on advances increased to Adjusted Daily Compounded CORRA plus 310 bps. The Company remains in compliance with all covenants under its senior unsecured notes.

Delivering Cost Efficiencies

On March 12, 2026, goeasy implemented a reduction in force that impacted approximately 9% of its employees. The reduction is expected to yield approximately $30 million in annualized run-rate savings.

2026 Outlook

The Company is focused on executing a disciplined reset of its operating model in 2026, including prudent management of liquidity, strengthening of credit performance, and alignment of its capital structure. This transitional period is intended to return the Company to its long track record of delivering a high return on equity and earnings that will reinforce confidence among shareholders and other stakeholders.

	Q1 2026 Outlook	Full year 2026 Commentary
Gross consumer loans receivable at period end	$5.3 to $5.4 billion	Expected to decline before resuming growth in the second half of the year
Total yield on consumer loans (including ancillary products)¹	27.0% to 28.0%	Expected to improve over course of the year as charge offs decline
Net charge offs as a percentage of average gross consumer loans receivable¹	17.5% to 18.5%	Expected to decrease from 23.8% in the fourth quarter of 2025 to the mid-teens for full year 2026; improvement is expected as the year progresses

This outlook is subject to and based on the assumptions and risks set out in more detail under "Forward-Looking Statements".

Leadership Transitions

On December 2, 2025, the Company announced that Dan Rees would step down as Chief Executive Officer, effective December 31, 2025, due to due to a blood disorder that required him to resign from his position. The Board of Directors appointed Patrick Ens, then President of easyfinancial, as the Company's next Chief Executive Officer effective January 1, 2026. On September 30, 2025, goeasy announced that Felix Wu had been appointed as the Interim Chief Financial Officer (CFO). Mr. Wu assumed responsibilities as the Interim CFO on November 6, 2025 with a mandate that included oversight of reporting for year-end and for the first quarter of 2026. On March 10, 2026, the Company announced that Mr. Wu had been permanently appointed as Chief Financial Officer, with immediate effect.

Share Repurchases and Dividend Payments

In consideration of recent developments that affected earnings in 2025, the Board of Directors made the decision to suspend the regular quarterly dividend on the Company's Common Shares and to suspend share repurchases under its normal course issuer bid on an indefinite basis. These actions are aligned with management's focus on prudently preserving capital and maintaining liquidity.

Adoption of Advance Notice By-Law

The Company also announced today that its board of directors has approved the adoption of an advance notice by-law (the "Advance Notice By-Law"). The Advance Notice By-Law is consistent with advance notice by-laws adopted by many other Canadian public companies and is intended to: (i) ensure that all shareholders receive adequate notice and sufficient information regarding director nominees to make informed voting decisions and (ii) facilitate an orderly and efficient process for the election of directors.

Among other things, the Advance Notice By-Law fixes certain deadlines by which shareholders must submit a notice of director nominations to the Company prior to any annual or special meeting of shareholders where directors are to be elected and sets forth the information that a shareholder must include in the notice for it to be valid.

The Advance Notice By-Law is effective immediately and will be placed before shareholders for approval, ratification and confirmation at the Company's upcoming annual and special meeting of shareholders to be held on May 20, 2026. In the event that the Advance Notice By-Law is not so approved, ratified and confirmed, it shall terminate and be of no further force or effect.

The full text of the Advance Notice By-Law is available under the Company's profile on SEDAR+ at sedarplus.ca.

Forward-Looking Statements

This press release includes forward-looking statements about goeasy, including, but not limited to, its business operations, strategy and expected financial performance and condition. Forward-looking statements include, but are not limited to, statements with respect to forecasts for growth of the consumer loans receivable, annual revenue growth forecasts, strategic initiatives, new product offerings and new delivery channels, anticipated cost savings, planned capital expenditures, anticipated capital requirements and the Company's ability to secure sufficient capital, liquidity of the Company, plans and references to future operations and results, critical accounting estimates, expected future yields and net charge off rates on loans, the dealer relationships, the size and characteristics of the Canadian non-prime lending market, the continued development of the type and size of competitors in the market, the potential approval, ratification and confirmation of the Advance Notice By-Law. In certain cases, forward-looking statements that are predictive in nature, depend upon or refer to future events or conditions, and/or can be identified by the use of words such as "expect", "continue", "anticipate", "intend", "aim", "plan", "believe", "budget", "estimate", "forecast", "foresee", "target" or negative versions thereof and similar expressions, and/or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements are based on certain factors and assumptions, including expected growth, results of operations and business prospects and are inherently subject to, among other things, risks, uncertainties and assumptions about the Company's operations, economic factors and the industry generally. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those expressed or implied by forward-looking statements made by the Company. Some important factors that could cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to, goeasy's ability to enter into new lease and/or financing agreements, collect on existing lease and/or financing agreements, open new locations on favourable terms, offer products which appeal to customers at a competitive rate, respond to changes in legislation, react to uncertainties related to regulatory action, raise capital under favourable terms, compete, manage the impact of litigation (including shareholder litigation), control costs at all levels of the organization and maintain and enhance the system of internal controls.

The Company cautions that the foregoing list is not exhaustive. These and other factors could cause actual results to differ materially from our expectations expressed in the forward-looking statements, and further details and descriptions of these and other factors are disclosed in the Company's Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2025, including under the section entitled "Risk Factors".

The reader is cautioned to consider these, and other factors carefully and not to place undue reliance on forward-looking statements, which may not be appropriate for other purposes. The Company is under no obligation (and expressly disclaims any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise, unless required by law.

The Company particularly cautions that the Q1 2026 outlook and full year 2026 commentary presented above under the heading "2026 Outlook" (the "2026 Outlook Information") constitutes forward-looking information and that in formulating its outlook, the Company makes a series of assumptions, which include, but are not limited to, assumptions about Environmental Conditions (Stability in the macroeconomic environment; Continued demand for non-prime credit across); Portfolio Growth (Loan originations adjust as underwriting criteria are tightened, particularly within indirect channels); Liquidity & Funding (The Company prioritizes liquidity and covenant compliance; Continued access to funding at acceptable rates; Continued strong free cash flow from its existing portfolio); Revenue Yield (Portfolio yield expected to be negatively impacted by bad debts on interest receivable; Business mix shift to include more unsecured personal loan originations at higher yields; Total portfolio yield and net charge off as a percentage of gross consumer loans receivable on its lending products are as estimated in the Company's budget and strategic plan); Credit Performance (Net charge offs as a percentage of gross consumer loans receivable perform in line with the Company' budget and forecasts generated through the use of its proprietary credit and underwriting models; The mixture of customers acquired through each of the Company's acquisition channels and the mixture of new and existing borrowers are as estimated in the Company's forecast); Investment Performance (No material changes are assumed in the fair value of investments, and no forecast is made regarding the timing of realization of the investment portfolio); and Mergers and Acquisitions (No mergers or acquisitions are contemplated within the outlook period). These assumptions and expectations are subject to a number of risks, including the following, as well as those set out the section entitled "Risk Factors" in the Company's MD&A: Environmental & Market Conditions (Uncertainty in consumer demand or broader economic conditions may adversely impact loan originations and portfolio performance; Deterioration in employment levels or economic stability could negatively affect credit performance and increase net charge off rates; Competitive dynamics or pricing pressures may impact margins and growth); Access to Capital & Funding (The Company's ability to access capital on acceptable terms and maintain adequate liquidity to support operations and strategic priorities); Regulatory Environment (Changes to laws and regulations governing consumer lending that could impact product offerings, pricing or operations); Credit Performance (A material increase in net charge off as a percentage of gross consumer loans receivable beyond expectations, including adverse performance from prior vintages or new originations); and Operating Execution (The Company's ability to successfully execute on its Action Plan, including underwriting changes, and operating model alignment and platform consolidation; Risks associated with transitioning originations and customer portfolios toward the easyfinancial platform). The 2026 Outlook Information constitutes targets established by the Company and is subject to change as plans and business conditions vary. Accordingly, investors are cautioned not to place undue reliance on the 2026 Outlook Information. Actual results may differ materially.

About goeasy

goeasy Ltd. is a leading Canadian provider of non-prime consumer lending solutions, offering a suite of financial products through its easyfinancial, easyhome, and LendCare brands. goeasy offers unsecured and secured instalment loans, point-of-sale financing, and lease-to-own merchandise through its omni-channel model, which spans online, mobile, and hundreds of locations nationwide.

Driven by its team members' dedication to expand access to credit for underserved communities and helping customers strengthen their financial futures, goeasy has proudly served more than 1.6 million customers while building an award-winning culture. Shares of goeasy Ltd. are listed on the Toronto Stock Exchange (TSX) under the symbol GSY. For more information, visit www.goeasy.com.

For investor inquiries, contact:

James Obright
Senior Vice President, Investor Relations & Capital Markets
investor_relations@goeasy.com

For media inquiries, contact:

mediainquiries@goeasy.com

Notes:
¹ These are non-IFRS ratios. Refer to "Non-IFRS Measures and Other Financial Measures" section in this press release.
²These are non-IFRS measures. Refer to "Non-IFRS Measures and Other Financial Measures" section in this press release.
³ These are capital management measures. Refer to "Non-IFRS Measures and Other Financial Measures" section in this press release.

goeasy Ltd.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Expressed in thousands of Canadian dollars)




	As At	As At
	December 31,	December 31,
	2025	2024
		Restated


ASSETS
Cash	152,661	247,544
Accounts receivable	42,361	42,491
Prepaid expenses	9,159	9,488
Income taxes recoverable	90,559	-
Consumer loans receivable, net	5,155,360	4,371,347
Investments	29,103	41,918
Lease assets, net	36,656	40,973
Derivative financial assets	11,146	60,675
Deferred income tax assets	22,250	15,471
Property and equipment, net	30,788	35,004
Right-of-use assets, net	52,510	54,224
Intangible assets, net	104,142	110,979
Goodwill	21,310	180,923
TOTAL ASSETS	5,758,005	5,211,037

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Revolving credit facility	175,052	21,797
Accounts payable and other liabilities	107,842	183,624
Income taxes payable	-	22,233
Dividends payable	23,398	19,519
Unearned revenue	31,219	25,864
Accrued interest payable	68,533	49,003
Deferred income tax liabilities	5,367	15,181
Lease liabilities	59,451	62,164
Secured borrowings	88,783	120,335
Revolving securitization warehouse facilities	611,015	1,073,876
Derivative financial liabilities	46,107	21,466
Notes payable	3,690,818	2,413,795
TOTAL LIABILITIES	4,907,585	4,028,857

Shareholders' equity
Share capital	430,325	438,302
Contributed surplus	26,782	26,942
Accumulated other comprehensive loss	(13,367)	(56,938)
Retained earnings	406,680	773,874
TOTAL SHAREHOLDERS' EQUITY	850,420	1,182,180
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	5,758,005	5,211,037

goeasy Ltd.

CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Expressed in thousands of Canadian dollars, except earnings (loss) per share)




	Year Ended
	December 31,	December 31,
	2025	2024
		Restated


REVENUE
Interest income	1,278,177	1,133,406
Lease revenue	86,171	95,407
Commissions earned	306,030	275,726
Charges and fees	26,411	30,334
	1,696,789	1,534,873

OPERATING EXPENSES

BAD DEBTS	883,789	505,039

OTHER OPERATING EXPENSES
Salaries and benefits	205,660	201,791
Share-based compensation	8,195	13,534
Technology costs	47,500	38,088
Underwriting and collections	35,458	21,251
Advertising and promotion	31,742	32,979
Occupancy	21,818	20,632
Other expenses	32,546	33,698
	382,919	361,973

DEPRECIATION AND AMORTIZATION
Depreciation of lease assets	27,767	29,482
Amortization of intangible assets	22,540	22,788
Depreciation of right-of-use assets	21,270	21,349
Depreciation of property and equipment	10,599	10,276
	82,176	83,895

IMPAIRMENT OF GOODWILL	159,613	-

TOTAL OPERATING EXPENSES	1,508,497	950,907

OPERATING INCOME	188,292	583,966

OTHER INCOME (LOSS)	(12,815)	3,132

FINANCE COSTS	(356,397)	(225,492)

INCOME (LOSS) BEFORE INCOME TAXES	(180,920)	361,606

INCOME TAX EXPENSE (RECOVERY)
Current	26,442	111,036
Deferred	(28,992)	(13,657)
	(2,550)	97,379

NET INCOME (LOSS)	(178,370)	264,227

BASIC EARNINGS (LOSS) PER SHARE	(10.78)	15.46
DILUTED EARNINGS (LOSS) PER SHARE	(10.78)	15.21

SUMMARY OF FINANCIAL RESULTS BY REPORTABLE SEGMENT
(Expressed in thousands of Canadian dollars, except earnings per share)

	Three Months Ended December 31, 2025
	easyfinancial	easyhome	Corporate	Total

Revenue
Interest income	286,077	12,651	-	298,728
Lease revenue	-	20,857	-	20,857
Commissions earned	80,556	4,294	-	84,850
Charges and fees	1,116	761	-	1,877
	367,749	38,563	-	406,312

Operating expenses
Bad debts	410,565	7,945	-	418,510
Other operating expenses	64,105	12,614	14,298	91,017
Depreciation and amortization	9,978	8,912	1,611	20,501
Impairment of Goodwill	159,613			159,613
	644,261	29,471	15,909	689,641

Operating income (loss)	(276,512)	9,092	(15,909)	(283,329)

Other loss				(11,015)

Finance costs				(104,946)

Loss before income taxes				(399,290)

Income taxes				(62,346)

Net loss				(336,944)

Diluted loss per share				(20.49)

	Three Months Ended December 31, 2024 (As Restated)
	easyfinancial	easyhome	Corporate	Total

Revenue
Interest income	295,965	10,213	-	306,178
Lease revenue	-	23,213	-	23,213
Commissions earned	67,498	3,594	-	71,092
Charges and fees	5,696	821	-	6,517
	369,159	37,841	-	407,000

Operating expenses
Bad debts	152,902	4,644	-	157,546
Other operating expenses	59,413	13,499	17,443	90,355
Depreciation and amortization	9,408	9,697	1,692	20,797
	221,723	27,840	19,135	268,698

Operating income (loss)	147,436	10,001	(19,135)	138,302

Other income				6,105

Finance costs				(71,645)

Income before income taxes				72,762

Income taxes				18,601

Net income				54,161

Diluted earnings per share				3.12


	Year Ended December 31, 2025
	easyfinancial	easyhome	Corporate	Total

Revenue
Interest income	1,232,334	45,843	-	1,278,177
Lease revenue	-	86,171	-	86,171
Commissions earned	290,376	15,654	-	306,030
Charges and fees	23,470	2,941	-	26,411
	1,546,180	150,609	-	1,696,789

Operating expenses
Bad debts	859,241	24,548	-	883,789
Other operating expenses	255,139	52,945	74,835	382,919
Depreciation and amortization	39,621	35,940	6,615	82,176
Impairment of Goodwill	159,613	-	-	159,613
	1,313,614	113,433	81,450	1,508,497

Operating income (loss)	232,566	37,176	(81,450)	188,292

Other loss				(12,815)

Finance costs				(356,397)

Loss before income taxes				(180,920)

Income taxes				(2,550)

Net loss				(178,370)

Diluted loss per share				(10.78)

	Year Ended December 31, 2024 (As Restated)
	easyfinancial	easyhome	Corporate	Total

Revenue
Interest income	1,093,427	39,979	-	1,133,406
Lease revenue	-	95,407	-	95,407
Commissions earned	261,630	14,096	-	275,726
Charges and fees	26,941	3,393	-	30,334
	1,381,998	152,875	-	1,534,873

Operating expenses
Bad debts	489,833	15,206	-	505,039
Other operating expenses	212,451	54,987	94,535	361,973
Depreciation and amortization	38,995	38,096	6,804	83,895
	741,279	108,289	101,339	950,907

Operating income (loss)	640,719	44,586	(101,339)	583,966

Other loss				3,132

Finance costs				(225,492)

Income before income taxes				361,606

Income taxes				97,379

Net income				264,227

Diluted earnings per share				15.21

SUMMARY OF FINANCIAL RESULTS AND KEY PERFORMANCE INDICATORS

	Three Months Ended
($ in 000's except earnings per share and percentages)	December 31, 2025	December 31, 2024 (As restated)	Variance $ / bps	Variance % Change
Summary Financial Results
Revenue	406,312	407,000	(688)	(0.2 %)
Bad debts	418,510	157,564	260,964	165.6 %
Other operating expenses	250,630	90,355	160,275	177.4 %
EBITDA¹	(121,110)	157,581	(278,691)	(176.9 %)
EBITDA margin¹	(29.8 %)	38.7 %	(6,850 bps)	(177.0 %)
Depreciation and amortization	20,501	20,797	(296)	(1.4 %)
Impairment of goodwill	159,613	-	159,613	100.0 %
Operating income (loss)	(283,329)	138,302	(421,631)	(304.9 %)
Operating margin	(69.7 %)	34.0 %	(10,370 bps)	(305.0 %)
Other income (loss)	(11,015)	6,105	(17,120)	(280.4 %)
Finance costs	104,946	71,645	33,301	46.5 %
Effective income tax rate	15.6 %	25.6 %	(1,000 bps)	(39.1 %)
Net income (loss)	(336,944)	54,161	(391,105)	(722.1 %)
Diluted earnings (loss) per share	(20.49)	3.12	(23.61)	(756.7 %)
Return on receivables	(24.3 %)	4.8 %	(2,910 bps)	(606.3 %)
Return on assets	(22.5 %)	4.3 %	(2,680 bps)	(623.3 %)
Return on equity	(130.7 %)	18.2 %	(14,890 bps)	(818.1 %)
Return on tangible common equity¹	(79.8 %)	24.0 %	(10,380 bps)	(432.5 %)

Adjusted Financial Results¹
Other operating expenses	97,508	97,885	(377)	(0.4 %)
Efficiency ratio	25.0 %	24.8 %	(20 bps)	(0.4 %)
Operating income (loss)	(120,052)	141,669	(261,721)	(184.7 %)
Operating margin	(29.5 %)	34.8 %	(6,430 bps)	(184.8 %)
Net income (loss)	(146,868)	57,735	(204,603)	(354.4 %)
Diluted earnings (loss) per share	(8.93)	3.32	(12.25)	(369.0 %)
Return on receivables	(10.6 %)	5.1 %	(1,570 bps)	(307.8 %)
Return on assets	(9.8 %)	4.6 %	(1,440 bps)	(313.0 %)
Return on equity	(57.0 %)	19.4 %	(7,640 bps)	(393.8 %)
Return on tangible common equity	(67.0 %)	24.4 %	(9,140 bps)	(374.6 %)

Key Performance Indicators

Segment Financials
easyfinancial revenue	367,749	369,159	(1,410)	(0.4 %)
easyfinancial operating margin	(77.1 %)	39.9 %	(11,510 bps)	(288.5 %)
easyhome revenue	38,563	37,841	722	1.9 %
easyhome operating margin	23.6 %	26.4 %	(280 bps)	(10.6 %)

Portfolio Indicators
Gross consumer loans receivable	5,513,467	4,602,437	911,030	19.8 %
Growth in consumer loans receivable	68,485	208,750	(140,265)	(67.2 %)
Gross loan originations	951,535	813,689	137,846	16.9 %
Total yield on consumer loans (including ancillary products)¹	26.6 %	32.6 %	(600 bps)	(18.4 %)
Net charge offs as a percentage of average gross consumer loans receivable¹	23.8 %	9.2 %	(1,460 bps)	158.7 %
Cash provided by operations before net principal written¹	537,881	584,851	(46,970)	(8.0 %)
Potential monthly leasing revenue¹	6,197	6,875	(678)	(9.9 %)

	Year Ended
($ in 000's except earnings per share and percentages)	December 31, 2025	December 31, 2024 (As restated)	Variance $ / bps	Variance % Change
Summary Financial Results
Revenue	1,696,789	1,534,873	161,916	10.5 %
Bad debts	883,789	505,039	378,750	75.0 %
Other operating expenses	382,919	361,973	20,946	5.8 %
EBITDA¹	389,499	641,511	(252,012)	(39.3 %)
EBITDA margin¹	23.0 %	41.8 %	(1,880 bps)	(45.0 %)
Depreciation and amortization	82,176	83,895	(1,719)	(2.0 %)
Impairment of goodwill	159,613	-	159,613	100.0 %
Operating income	188,292	583,966	(395,674)	(67.8 %)
Operating margin	11.1 %	38.0 %	(2,690 bps)	(70.8 %)
Other income (loss)	(12,815)	3,132	(15,947)	(509.2 %)
Finance costs	356,397	225,492	130,905	58.1 %
Effective income tax rate	1.4 %	26.9 %	(2,550 bps)	(94.8 %)
Net income (loss)	(178,370)	264,227	(442,597)	(167.5 %)
Diluted earnings (loss) per share	(10.78)	15.21	(25.99)	(170.9 %)
Return on receivables	(3.5 %)	6.3 %	(980 bps)	(155.6 %)
Return on assets	(3.2 %)	5.7 %	(890 bps)	(156.1 %)
Return on equity	(16.0 %)	23.3 %	(3,930 bps)	(168.7 %)
Return on tangible common equity¹	(1.0 %)	30.7 %	(3,170 bps)	(103.3 %)

Adjusted Financial Results¹
Other operating expenses	409,846	386,017	23,829	6.2 %
Efficiency ratio	24.9 %	25.6 %	(70 bps)	(2.7 %)
Operating income	361,844	602,504	(240,660)	(39.9 %)
Operating margin	21.3 %	39.3 %	(1,800 bps)	(45.8 %)
Net income	50,097	271,258	(221,161)	(81.5 %)
Diluted earnings per share	3.03	15.62	(12.59)	(80.6 %)
Return on receivables	1.0 %	6.5 %	(550 bps)	(84.6 %)
Return on assets	0.9 %	5.8 %	(490 bps)	(84.5 %)
Return on equity	4.5 %	23.9 %	(1,940 bps)	(81.2 %)
Return on tangible common equity	5.5 %	30.5 %	(2,500 bps)	(82.3 %)

Key Performance Indicators

Segment Financials
easyfinancial revenue	1,546,180	1,381,998	164,182	11.9 %
easyfinancial operating margin	15.0 %	46.4 %	(3,140 bps)	(67.7 %)
easyhome revenue	150,609	152,875	(2,266)	(1.5 %)
easyhome operating margin	24.7 %	29.2 %	(450 bps)	(15.4 %)

Portfolio Indicators
Gross consumer loans receivable	5,513,467	4,602,437	911,030	19.8 %
Growth in consumer loans receivable	911,030	957,235	(46,205)	(4.8 %)
Gross loan originations	3,477,753	3,166,227	311,526	9.8 %
Total yield on consumer loans (including ancillary products)¹	30.2 %	33.7 %	(350 bps)	(10.4 %)
Net charge offs as a percentage of average gross consumer loans receivable¹	12.9 %	9.2 %	(370 bps)	(40.2 %)
Cash provided by operations before net principal written¹	2,060,707	1,926,180	134,527	7.0 %
Potential monthly leasing revenue¹	6,197	6,875	(678)	(9.9 %)

¹EBITDA, adjusted other operating expenses, adjusted operating income, adjusted net income and cash provided by operations before net principal written are non-IFRS measures. EBITDA margin, efficiency ratio, adjusted operating margin, adjusted diluted earnings per share, adjusted return on equity, adjusted return on receivable, adjusted return on assets, reported and adjusted return on tangible common equity, net charge offs as a percentage of average gross consumer loans receivable and total yield on consumer loans (including ancillary products) are non-IFRS ratios. Refer to "Non-IFRS Measures and Other Financial Measures" section in this press release.

Non-IFRS Measures and Other Financial Measures

The Company uses a number of financial measures to assess its performance. Some of these measures are not calculated in accordance with International Financial Reporting Standards (IFRS) as issued by International Accounting Standards Board (IASB), are not identified by IFRS and do not have standardized meanings that would ensure consistency and comparability among companies using these measures. The Company believes that non-IFRS measures are useful in assessing ongoing business performance and provide readers with a better understanding of how management assesses performance. These non-IFRS measures are used throughout this press release and listed below. An explanation of the composition of non-IFRS measures and other financial measures can be found in the Company's MD&A, available on www.sedarplus.ca.

Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share

Adjusted net income is a non-IFRS measure and adjusted diluted earnings per share is a non-IFRS ratio. Refer to "Key Performance Indicators and Non-IFRS Measures" section on page 51 of the Company's MD&A for the year ended December 31, 2025. Items used to calculate adjusted net income (loss) and adjusted earnings (loss) per share for the three-month periods and years ended December 31, 2025 and 2024 include those indicated in the chart below:

	Three Months Ended		Year Ended
($ in 000's except earnings per share)	December 31, 2025	December 31, 2024 (As restated)	December 31, 2025	December 31, 2024 (As restated)

Net income (loss)	(336,944)	54,161	(178,370)	264,227

Impact of adjusting items
Other operating expenses
Integration costs¹	389	92	839	497
Advisory costs³	-	-	-	4,941
Depreciation and amortization
Amortization of acquired intangible assets²	3,275	3,275	13,100	13,100
Impairment of goodwill ⁴	159,613	-	159,613	-
Other loss (income) ⁵	11,015	(6,105)	12,815	(3,132)
Finance costs
Finance costs related to the repayment of the Revolving Securitization Warehouse Facility II⁶	5,067	-	5,067	-
Refinancing costs related to Notes Payable⁷	-	9,429	-	9,429
Discount on the repurchase of Notes Payable⁷	-	(1,487)	-	(1,487)
Fair value change on prepayment options related to Notes Payable⁸	19,715	761	59,547	(13,216)
Total pre-tax impact of adjusting items	199,074	5,965	250,981	10,132
Income tax impact of above adjusting items	(8,998)	(2,391)	(22,514)	(3,101)
After-tax impact of adjusting items	190,076	3,574	228,467	7,031

Adjusted net income (loss)	(146,868)	57,735	50,097	271,258

Weighted average number of diluted shares outstanding	16,445	17,383	16,540	17,366

Diluted earnings (loss) per share	(20.49)	3.12	(10.78)	15.22
Per share impact of adjusting items	11.56	0.20	13.81	0.40
Adjusted diluted earnings (loss) per share	(8.93)	3.32	3.03	15.62

Adjusting items related to the LendCare acquisition

¹Integration costs related to representation and warranty insurance costs, and other integration costs related to the acquisition of LendCare.

²Amortization of the $131 million intangible asset related to the acquisition of LendCare, with an estimated useful life of ten years.

Adjusting items related to the advisory costs

³Advisory costs for the three-month period and year ended December 31, 2024, were related to non-recurring advisory, consulting, and legal costs.

Adjusting items related to the impairment of goodwill

⁴In the three-month period ended December 2025, the Company's goodwill related to the LendCare operating segment was fully impaired.

Adjusting item related to other income (loss)

⁵For the three-month periods and years ended December 31, 2025, and 2024, net investment income (loss) was due to fair value changes in the Company's investments.

Adjusting item related to the repayment of Revolving Securitization Warehouse Facility II

⁶In December 2025, the Company repaid all of its outstanding drawn amounts from the Revolving Securitization Warehouse Facility II and repurchased the total consumer loans pledged as collateral. In addition, the Company de-designated interest rate swap as cash flow hedges and immediately unwound them. As a result of repaying this facility and unwinding the interest rate swap, the Company has written off the $1.0 million remaining unamortized deferred financing costs and reclassified the net change in cash flow hedge from OCI to the consolidated statements of income, resulting in a $4.1 million derivative loss.

Adjusting item related to the refinancing of Notes Payable

⁷In the fourth quarter of 2024, the Company the Company extinguished a total of US$255.4 million of 2026 Notes that were validly tendered and accepted for repurchase at a price of US$999.58 per US$1,000 principal amount, resulting in a $1.5 million discount. As a result of repurchasing these notes and the unwinding of the related cross-currency swaps, the Company incurred tender offer fees, recognized the remaining unamortized deferred financing costs related to these notes, realized derivative loss, and reclassified the net change in cash flow hedge from OCI to the consolidated statements of income resulting in a total refinancing cost of $9.4 million.

Adjusting item related to prepayment options embedded in the Notes Payable

⁸For the three-month periods and years ended December 31, 2025, and 2024, the Company recognized a fair value change on the prepayment options related to Notes Payable.

Adjusted Other Operating Expenses and Efficiency Ratio

Adjusted other operating expenses is a non-IFRS measure and efficiency ratio is a non-IFRS ratio. Refer to "Key Performance Indicators and Non-IFRS Measures" section on page 51 of the Company's MD&A for the year ended December 31, 2025. Items used to calculate adjusted other operating expenses and efficiency ratio for the three-month periods and years ended December 31, 2025 and 2024 include those indicated in the chart below:

	Three Months Ended		Year Ended
($ in 000's except percentages)	December 31, 2025	December 31, 2024 (As restated)	December 31, 2025	December 31, 2024 (As restated)

Other operating expenses as stated	689,641	268,698	1,508,496	950,907

Impact of adjusting items¹
Other operating expenses
Integration costs	(389)	(92)	(839)	(497)
Advisory costs	-	-	-	4,941
Depreciation and amortization
Depreciation of lease assets	6,880	7,622	27,767	29,482
Total impact of adjusting items	6,491	7,530	26,928	33,926

Adjusted other operating expenses	97,508	97,885	409,846	386,017

Total revenue	406,312	407,000	1,696,789	1,534,873
Less: Bad debts on interest receivable	(15,507)	(12,217)	(51,903)	(27,508)
	390,805	394,783	1,644,886	1,507,365

Efficiency ratio	25.0 %	24.8 %	24.9 %	25.6 %

¹	For explanation of adjusting items, refer to the corresponding "Adjusted Net Income and Adjusted Diluted Earnings Per Share" section.

Adjusted Operating Margin

Adjusted operating margin is a non-IFRS measure and adjusted operating margin is a non-IFRS ratio. Refer to "Key Performance Indicators and Non-IFRS Measures" section on page 51 of the Company's MD&A for the year ended December 31, 2025. Items used to calculate adjusted operating income (loss) and adjusted operating margins for the three-month periods and years ended December 31, 2025 and 2024 include those indicated in the chart below:

	Three Months Ended
($ in 000's except percentages)	December 31, 2025	December 31, 2025 (adjusted)	December 31, 2024 (As restated)	December 31, 2024 (adjusted) (As restated)

easyfinancial
Operating income (loss)	(276,512)	(276,512)	147,436	147,436
Divided by revenue	367,749	367,749	369,159	369,159

easyfinancial operating margin	(75.2 %)	(75.2 %)	39.90 %	39.90 %

easyhome
Operating income	9,092	9,092	10,001	10,001
Divided by revenue	38,563	38,563	37,841	37,841

easyhome operating margin	23.6 %	23.6 %	26.4 %	26.4 %

Total
Operating income (loss)	(283,329)	(283,329)	138,302	138,302
Other operating expenses ¹
Integration costs	-	389	-	92
Advisory costs	-	-	-	-
Depreciation and amortization ¹
Amortization of acquired intangible assets	-	3,275	-	3,275
Impairment of goodwill ¹	-	159,612	-	-
Adjusted operating income (loss)	(283,329)	(120,053)	138,302	141,669

Divided by revenue	406,312	406,312	407,000	407,000

Total operating margin	(69.7 %)	(29.5 %)	34.0 %	34.8 %

¹	For explanation of adjusting items, refer to the corresponding "Adjusted Net Income and Adjusted Diluted Earnings Per Share" section.

	Year Ended
($ in 000's except percentages)	December 31, 2025	December 31, 2025 (adjusted)	December 31, 2024 (As restated)	December 31, 2024 (adjusted) (As restated)

easyfinancial
Operating income	232,566	232,566	640,719	640,719
Divided by revenue	1,546,180	1,546,180	1,381,998	1,381,998

easyfinancial operating margin	15.0 %	15.0 %	46.4 %	46.4 %

easyhome
Operating income	37,176	37,176	44,586	44,586
Divided by revenue	150,609	150,609	152,875	152,875

easyhome operating margin	24.7 %	24.7 %	29.2 %	29.2 %

Total
Operating income	188,293	188,293	583,966	583,966
Other operating expenses ¹
Integration costs	-	839	-	497
Advisory costs	-	-	-	4,941
Depreciation and amortization ¹
Amortization of acquired intangible assets	-	13,100	-	13,100
Impairment of goodwill ¹	-	159,612	-	-
Adjusted operating income	188,293	361,844	583,966	602,504

Divided by revenue	1,696,789	1,696,789	1,534,873	1,534,873

Total operating margin	11.1 %	21.3 %	38.0 %	39.3 %

¹	For explanation of adjusting items, refer to the corresponding "Adjusted Net Income and Adjusted Diluted Earnings Per Share" section.

Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA") and EBITDA Margin

EBITDA is a non-IFRS measure, while EBITDA margin is a non-IFRS ratio. Refer to "Key Performance Indicators and Non-IFRS Measures" section on page 51 of the Company's MD&A for the year ended December 31, 2025. Items used to calculate EBITDA and EBITDA margin for the three-month periods and years ended December 31, 2025 and 2024 include those indicated in the chart below:

	Three Months Ended		Year Ended
($ in 000's except percentages)	December 31, 2025	December 31, 2024 (As restated)	December 31, 2025	December 31, 2024 (As restated)

Net income (loss)	(336,944)	54,161	(178,370)	264,227

Finance cost	104,946	71,645	356,397	225,492
Income tax expense	(62,346)	18,600	(2,550)	97,379
Depreciation and amortization	20,501	20,797	82,176	83,895
Depreciation of lease assets	(6,880)	(7,622)	(27,767)	(29,482)
Impairment of goodwill	159,613	-	159,613	-
EBITDA	(121,110)	157,581	389,499	641,511

Divided by revenue	406,312	407,000	1,696,789	1,534,873

EBITDA margin	(29.8 %)	38.7 %	23.0 %	41.8 %

Cash Provided by Operating Activities before Net Principal Written

Cash provided by operating activities before net principal written is a non-IFRS measure. Refer to "Key Performance Indicators and Non-IFRS Measures" section on page 51 of the Company's MD&A for the year ended December 31, 2025. Items used to calculate Cash provided by operating activities before net principal written for the three-month periods and years ended December 31, 2025 and 2024 include those indicated in the chart below:

	Three Months Ended		Year Ended
($ in 000's)	December 31, 2025	December 31, 2024 (As restated)	December 31, 2025	December 31, 2024 (As restated)

Cash used in operating activities	(226,665)	(21,422)	(854,618)	(473,283)

Net principal written	764,546	606,273	2,915,326	2,399,463

Cash provided by operating activities before net principal written	537,881	584,851	2,060,708	1,926,180

Adjusted Return on Receivables

Adjusted return on receivables is a non-IFRS ratio. Refer to "Key Performance Indicators and Non-IFRS Measures" section on page 51 of the Company's MD&A for the year ended December 31, 2025. Items used to calculate adjusted return on assets for the three-month periods and years ended December 31, 2025 and 2024 include those indicated in the chart below:

	Three Months Ended
($ in 000's except percentages)	December 31, 2025	December 31, 2025 (adjusted)	December 31, 2024 (As restated)	December 31, 2024 (adjusted) (As restated)

Net income (loss)	(336,944)	(336,944)	54,161	54,161
After-tax impact of adjusting items¹	-	190,076	-	3,574
Adjusted net income (loss)	(336,096)	(146,868)	57,161	57,735

Multiplied by number of periods in a year	X 4	X 4	X 4	X 4

Divided by average gross consumer loans receivable	5,554,084	5,554,084	4,538,130	4,538,130

Return on receivables	(24.3 %)	(10.6 %)	4.8 %	5.1 %

¹	For explanation of adjusting items, refer to the corresponding "Adjusted Net Income and Adjusted Diluted Earnings Per Share" section.

	Year Ended
($ in 000's except percentages)	December 31, 2025	December 31, 2025 (adjusted)	December 31, 2024 (As restated)	December 31, 2024 (adjusted) (As restated)

Net income (loss)	(178,370)	(178,370)	264,227	264,227
After-tax impact of adjusting items¹	-	228,467	-	7,031
Adjusted net income (loss)	(178,370)	50,097	264,227	271,258


Divided by average gross consumer loans receivable	5,143,519	5,143,519	4,168,415	4,168,415

Return on receivables	(3.5 %)	1.0 %	6.3 %	6.5 %

¹	For explanation of adjusting items, refer to the corresponding "Adjusted Net Income and Adjusted Diluted Earnings Per Share" section.

Adjusted Return on Assets

Adjusted return on assets is a non-IFRS ratio. Refer to "Key Performance Indicators and Non-IFRS Measures" section on page 51 of the Company's MD&A for the year ended December 31, 2025. Items used to calculate adjusted return on assets for the three-month periods and years ended December 31, 2025 and 2024 include those indicated in the chart below:

	Three Months Ended
($ in 000's except percentages)	December 31, 2025	December 31, 2025 (adjusted)	December 31, 2024 (As restated)	December 31, 2024 (adjusted) (As restated)

Net income (loss)	(336,944)	(336,944)	54,161	54,161
After-tax impact of adjusting items¹	-	190,076	-	3,574
Adjusted net income (loss)	(336,944)	(146,868)	54,161	57,735

Multiplied by number of periods in a year	X 4	X 4	X 4	X 4

Divided by average total assets for the period	5,998,728	5,998,728	5,055,483	5,055,483

Return on assets	(22.5 %)	(9.8 %)	4.3 %	4.6 %

¹	For explanation of adjusting items, refer to the corresponding "Adjusted Net Income and Adjusted Diluted Earnings Per Share" section.

	Year Ended
($ in 000's except percentages)	December 31, 2025	December 31, 2025 (adjusted)	December 31, 2024 (As restated)	December 31, 2024 (adjusted) (As restated)

Net income (loss)	(178,370)	(178,370)	264,227	264,227
After-tax impact of adjusting items¹	-	228,467	-	7,031
Adjusted net income (loss)	(178,370)	50,097	264,227	271,258


Divided by average total assets for the period	5,636,539	5,636,539	4,664,263	4,664,263

Return on assets	(3.2 %)	0.9 %	5.7 %	5.8 %

¹	For explanation of adjusting items, refer to the corresponding "Adjusted Net Income and Adjusted Diluted Earnings Per Share" section.

Adjusted Return on Equity

Adjusted return on equity is a non-IFRS ratio. Refer to "Key Performance Indicators and Non-IFRS Measures" section on page 51 of the Company's MD&A for the year ended December 31, 2025. Items used to calculate adjusted return on equity for the three-month periods and years ended December 31, 2025 and 2024 include those indicated in the chart below:

	Three Months Ended
($ in 000's except percentages)	December 31, 2025	December 31, 2025 (adjusted)	December 31, 2024 (As restated)	December 31, 2024 (adjusted) (As restated)

Net income (loss)	(336,944)	(336,944)	54,161	54,161
After-tax impact of adjusting items¹	-	190,076	-	3,574
Adjusted net income (loss)	(336,944)	(146,868)	54,161	57,735

Multiplied by number of periods in a year	X 4	X 4	X 4	X 4

Divided by average shareholders' equity for the period	1,030,980	1,030,980	1,187,851	1,187,851

Return on equity	(130.7 %)	(57.0 %)	18.2 %	19.4 %

¹	For explanation of adjusting items, refer to the corresponding "Adjusted Net Income and Adjusted Diluted Earnings Per Share" section.

	Year Ended
($ in 000's except percentages)	December 31, 2025	December 31, 2025 (adjusted)	December 31, 2024 (As restated)	December 31, 2024 (adjusted) (As restated)

Net income (loss)	(178,370)	(178,370)	264,227	264,227
After-tax impact of adjusting items¹	-	228,467	-	7,031
Adjusted net income (loss)	(178,370)	50,097	264,227	271,258


Divided by average shareholders' equity for the period	1,114,925	1,114,925	1,132,895	1,132,895

Return on equity	(16.0 %)	4.5 %	23.3 %	23.9 %

¹	For explanation of adjusting items, refer to the corresponding "Adjusted Net Income and Adjusted Diluted Earnings Per Share" section.

Reported and Adjusted Return on Tangible Common Equity

Reported and adjusted return on tangible common equity are non-IFRS ratios. Refer to "Key Performance Indicators and Non-IFRS Measures" section on page 51 of the Company's MD&A for the year ended December 31, 2025. Items used to calculate reported and adjusted return on tangible common equity for the three-month periods and years ended December 31, 2025 and 2024 include those indicated in the chart below:

	Three Months Ended
($ in 000's except percentages)	December 31, 2025	December 31, 2025 (adjusted)	December 31, 2024 (As restated)	December 31, 2024 (adjusted) (As restated)

Net income (loss)	(336,944)	(336,944)	54,161	54,161
Amortization of acquired intangible assets	3,275	3,275	3,275	3,275
Impairment of goodwill	159,613	159,613	-	-
Income tax impact of the above item	(868)	(868)	(868)	(868)
Net income before amortization of acquired intangible assets and impairment of goodwill, net of income tax	(174,924)	(174,924)	56,568	56,568

Impact of adjusting items¹
Other operating expenses
Integration costs	-	389	-	92
Advisory costs	-	-	-	-
Other (income) loss	-	11,015	-	(6,105)
Finance costs
Finance costs related to the repayment of the Revolving Securitization Warehouse Facility	-	5,067	-	-
Refinancing costs related to Notes Payable	-	-	-	9,429
Discount on the repurchase of Notes Payable	-	-	-	(1,487)
Fair value change on prepayment options related to Notes Payable	-	19,715	-	761
Total pre-tax impact of adjusting items	-	36,186	-	2,690
Income tax impact of above adjusting items	-	(8,130)	-	(1,523)
After-tax impact of adjusting items	-	28,056	-	1,167

Adjusted net income (loss)	(174,924)	(146,868)	56,568	57,735

Multiplied by number of periods in a year	X 4	X 4	X 4	X 4

Average shareholders' equity	1,030,980	1,030,980	1,187,851	1,187,851
Average goodwill	(101,117)	(101,117)	(180,923)	(180,923)
Average acquired intangible assets²	(71,504)	(71,504)	(84,604)	(84,604)
Average related deferred tax liabilities	18,949	18,949	22,420	22,420
Divided by average tangible common equity	877,308	877,308	944,744	944,744

Return on tangible common equity	(79.8 %)	(67.0) %	24.0 %	24.4 %

¹	For explanation of adjusting items, refer to the corresponding "Adjusted Net Income and Adjusted Diluted Earnings Per Share" section.
²	Excludes intangible assets relating to software.

	Year Ended
($ in 000's except percentages)	December 31, 2025	December 31, 2025 (adjusted)	December 31, 2024 (As restated)	December 31, 2024 (adjusted) (As restated)

Net (loss) income	(178,370)	(178,370)	264,227	264,227
Amortization of acquired intangible assets	13,100	13,100	13,100	13,100
Impairment of goodwill	159,613	159,613	-	-
Income tax impact of the above item	(3,472)	(3,472)	(3,472)	(3,472)
Net income before amortization of acquired intangible assets and impairment of goodwill, net of income tax	(9,129)	(9,129)	273,855	273,855

Impact of adjusting items¹
Other operating expenses
Integration costs	-	839	-	497
Advisory costs	-	-	-	4,941
Other loss (income)	-	12,815	-	(3,132)
Finance costs
Finance costs related to the repayment of the Revolving Securitization Warehouse Facility II	-	5,067	-	-
Refinancing costs related to Notes Payable	-	-	-	9,429
Discount on the repurchase of Notes Payable	-	-	-	(1,487)
Fair value change on prepayment options related to Notes Payable	-	59,547	-	(13,216)
Total pre-tax impact of adjusting items	-	78,268	-	(2,968)
Income tax impact of above adjusting items	-	(19,042)	-	371
After-tax impact of adjusting items	-	59,226	-	(2,597)

Adjusted net (loss) income	(9,128)	50,097	273,855	271,258


Average shareholders' equity	1,114,925	1,114,925	1,132,895	1,132,895
Average goodwill	(149,000)	(149,000)	(180,923)	(180,923)
Average acquired intangible assets²	(76,417)	(76,417)	(89,517)	(89,517)
Average related deferred tax liabilities	20,250	20,250	23,722	23,722
Divided by average tangible common equity	919,900	919,900	890,684	890,684

Return on tangible common equity	(1.0 %)	5.4 %	30.7 %	30.5 %

¹	For explanation of adjusting items, refer to the corresponding "Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share" section.
²	Excludes intangible assets relating to software.

easyhome Financial Revenue

easyhome financial revenue is a non-IFRS measure. It is calculated as total company revenue less easyfinancial revenue and leasing revenue. The Company believes that easyhome financial revenue is an important measure of the performance of the easyhome segment. Items used to calculate easyhome financial revenue for the three-month periods ended December 31, 2025 and 2024 include those indicated in the chart below:

($in 000's)	Three Months Ended
($in 000's)	December 31, 2025	December 31, 2024 (As restated)
Total company revenue	406,312	407,000
Less: easyfinancial revenue	(367,749)	(369,159)
Less: leasing revenue	(22,117)	(24,612)
easyhome financial revenue	16,446	13,229

Total Yield on Consumer Loans as a Percentage of Average Gross Consumer Loans Receivable

Total yield on consumer loans as a percentage of average gross consumer loans receivable is a non-IFRS ratio. See description in section "Portfolio Analysis" on page 37 of the Company's MD&A for the year ended December 31, 2025. Items used to calculate total yield on consumer loans as a percentage of average gross consumer loans receivable for the three-month periods and years ended December 31, 2025 and 2024 include those indicated in the chart below:

	Three Months Ended		Year Ended
($ in 000's except percentages)	December 31, 2025	December 31, 2024 (As restated)	December 31, 2025	December 31, 2024 (As restated)

Total Company revenue	406,312	407,000	1,696,789	1,534,873
Less: Leasing revenue	(22,117)	(24,612)	(91,181)	(101,129)
Less: Bad debts on interest income	(15,507)	(12,217)	(51,903)	(27,508)
Adjusted financial revenue	368,688	370,171	1,553,705	1,406,235

Multiplied by number of periods in a year	X 4	X 4	X 4/4	X 4/4

Divided by average gross consumer loans receivable	5,554,084	4,538,130	5,143,519	4,168,415

Total yield on consumer loans as a percentage of average gross consumer loans receivable (annualized)	26.6 %	32.6 %	30.2 %	33.7 %

Net Charge Offs as a Percentage of Average Gross Consumer Loans Receivable

Net charge Offs as a percentage of average gross consumer loans receivable is a non-IFRS ratio. See description in section "Portfolio Analysis" on page 37 of the Company's MD&A for the year ended December 31, 2025. Items used to calculate net charge Offs as a percentage of average gross consumer loans receivable for the three-month periods and years ended December 31, 2025 and 2024 include those indicated in the chart below:

	Three Months Ended		Year Ended
($in 000's except percentages)	December 31, 2025	December 31, 2024 (As restated)	December 31, 2025	December 31, 2024 (As restated)

Net charge offs on gross consumer loans receivable	331,133	103,910	663,690	383,657

Multiplied by number of periods in a year	X 4	X 4	X 4/4	X 4/4

Divided by average gross consumer loans receivable	5,554,084	4,538,130	5,143,519	4,168,415

Net charge offs as a percentage of average gross consumer loans receivable (annualized)	23.8 %	9.2 %	12.9 %	9.2 %

Net Principal Written and Percentage Net Principal Written to New Customers

Net principal written (Net loan advances) is a non-IFRS measure. See description in section "Portfolio Analysis" on page 37 of the Company's MD&A for the year ended December 31, 2025. The percentage of net loan advances to new customers is a non-IFRS ratio. It is calculated as loan originations to new customers divided by the net principal written. The Company uses percentage of net loan advances to new customers, among other measures, to assess the operating performance of its lending business. Items used to calculate the percentage of net loan advances to new customers for the three-month periods ended December 31, 2025 and 2024 include those indicated in the chart below:

	Three Months Ended		Year Ended
($ in 000's)	December 31, 2025	December 31, 2024	December 31, 2025	December 31, 2024

Gross loan originations	951,535	813,689	3,477,754	3,166,227

Loan originations to new customers	525,043	428,753	2,093,696	1,701,171

Loan originations to existing customers	426,492	384,936	1,384,058	1,465,056
Less: Proceeds applied to repay existing loans	(186,989)	(207,416)	(562,428)	(766,764)
Net advance to existing customers	239,503	177,520	821,630	698,292

Net principal written	764,546	606,273	2,915,326	2,399,463

Percentage net advances to new customers	68.7 %	70.7 %	71.8 %	70.9 %

Debt to Adjusted Tangible Equity

Debt to adjusted tangible equity is a capital management measure. Refer to "Financial Condition" section on page 61 of the Company's MD&A for the year ended December 31, 2025.

Average Loan Book Per Branch

Average loan book per branch is a supplementary financial measure. It is calculated as gross consumer loans receivable held by easyfinancial branch locations divided by the number of total easyfinancial branch locations.

Weighted Average Interest Rate

Weighted average interest rate is a supplementary financial measure. It is calculated as the sum of individual loan balance multiplied by interest rate divided by gross consumer loans receivable.

SOURCE goeasy Ltd

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